BOE warns UK Recovery Slower than Forecast

February 10, 2010 Share Print 0

[mserve id=”Central_Bank_BOE_King.jpg” align=”left” width=”200″ caption=”BoE Governor King” alt=”Central Bank of England Governor Mervyn King” title=”Bank of England Governor King”]

Britain’s recovery from the recession will be slower than expected, the Bank of England warned today.

Governor Mervyn King downgraded the forecast given three months ago and said the economy ‘continued to bump along the bottom’.

Amid fears of a damaging double dip recession, Mr King cautiously said a ‘gradual recovery in output may now be in prospect’.

But he warned: ‘The strength of the recovery is highly uncertain.’

He downgraded the Bank’s growth forecasts for this year from the 4 per cent predicted in November to around a ‘somewhat less strong’ 3.5 per cent.

UK Dailymail

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.